BP's oil sands assets go up for sale
After revealing Chevron's plans to exit the oil sands last week, Reuters announced this week that BP is considering selling its stake in three Canadian oil sands projects, calling the assets "non-core."
BP owns a 50% stake in the Sunrise SAGD facility, operated by partner Husky Energy. Husky would be a logical buyer for the assets, estimated to be worth US$810 million. Sunrise is currently in the process of ramping up to its full production capacity of 60,000 bbl/day. Husky says all options are on the table for the right price, but did not confirm or deny plans to buy out its partner.
BP also has a 50/50 stake in the undeveloped Pike lease, adjacent to Devon's operating Jackfish complex. BP also owns 75% of the Terre de Grace property, jointly owned with privately-owned Value Creation. A final investment decision has yet to be made on either project.
BP declined to comment on the rumours.